Terra Classic Community Approves Genuine Labs Proposal
The Terra Luna Classic community has given its approval to the spending proposal put forth by developer Genuine Labs. This proposal was voted in favor by the community members and validators, surpassing the required threshold for approval. The voting period for this proposal concluded on February 6.
Over 84% of the votes cast were in favor of the proposal, with 40 validators voting “Yes” and 9 abstaining from voting. Key validators such as Orion, Interstellar Lounge, Jesusislord, Stakely, TerraCVita, and others supported the proposal, acknowledging the successful completion of tasks.
Genuine Labs requested $16,000 in LUNC funding from the community pool for their four-week work, which involved implementing end-to-end tests, interchain tests, and addressing PacketForwardMiddleware (PFM) and IBC hooks issues. The developer team provided regular progress reports to ensure transparency.
LUNC and USTC See Significant Gains
The LUNC token of Terra Classic experienced a surge in trading volumes after breaking out of a descending channel pattern. This resulted in the liquidation of numerous short positions and indicated a bullish sentiment among investors. However, analysts predict a retest above the channel before further upward movement.
The price of LUNC has risen by 20% in recent days and is currently trading at $0.0001091. Its 24-hour high and low are $0.0001031 and $0.0001153 respectively. The community remains optimistic following this substantial increase in trading volumes.
In contrast, the USTC price has been range-bound over the past week. It is currently trading at $0.02556, with fading trading volume on USTC charts. The 24-hour low and high for USTC are $0.0248 and $0.0265 respectively.
Hot Take: Terra Classic Endorses Genuine Labs Proposal, LUNC Price Soars 20%
The Terra Luna Classic community has given its approval to Genuine Labs’ spending proposal, demonstrating their support for the developer team’s work. With over 84% of the votes in favor of the proposal, it is clear that the community values the transparency and successful completion of tasks by Genuine Labs.
Additionally, the LUNC token has seen a significant surge in price, rallying by 20% in recent days. This increase in trading volumes reflects a bullish sentiment among investors. On the other hand, USTC has been range-bound with fading trading volume. Overall, these developments highlight the growing momentum and potential of Terra Classic and its associated tokens.
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